Links in “CFPB”
- CFPB’s Action on “No-Action Letter” Speaks Louder Than its Words
The CFPB asserts that it does not want to stifle innovation, but its latest issuance on "no-action letters" speaks louder than words. Even if a bank manages to successfully jump through enough hoops to get a "no-action letter" from the CFPB on a proposed product, the CFPB would offer no immunity against private litigation or enforcement actions by other agencies, the letter may not be covered by UDAAP, the letter will receive no deference by the courts, the letter can be revoked at any time, and the letter will be publicly published for all competitors to see. "The Bureau believes that there may be significant opportunities to facilitate innovation and access, and otherwise enhance consumer benefits, through the Policy." Yep, sign us up! (2/22/16]
- About To Make An Industry Breakthrough? Familiarize Yourself With CFPB’s “No-Action Letter”
Is the institution about to innovate a product or service but the regulatory compliance is posing a slight issue? CFPB has finalized a policy that will help with this imposing question. [2/19/16]
- CFPB Finalizes âNo-Actionâ Letters
The CFPB has completed a policy aimed at promoting innovation by providing companies a way to vet new products for compliance concerns before launch through the use of âno-actionâ letters. However, several associations are pointing out that the bureauâs policy does virtually nothing to reduce regulatory uncertainty, as the scope of the letters is limited and the letters themselves are anticipated to be granted rarely. [2/19/16]
- Comments Requested on New Information Collection
The CFPB is proposing a new information collection, âApplication Process for Designation of Rural Area under Federal Consumer Financial Law.â Comments are invited concerning ways to enhance the quality and clarity of the collected information, as well as ways to minimize the burden of collection for respondents. [2/19/16]
- CFPB Makes Minor Fix to TRID Tolerance
NAFCU members have voiced their opinion regarding CFPB's TILA-RESPA Integrated Disclosures (TRID) not covering all aspects of "good faith" lending. [2/17/16]
- CUNA Requests Some Regulatory Changes of the CFPB
The CFPB had several provisions signed into law last December which affect exemptions for Qualified Mortgages (QM) and Higher-Priced Mortgage Loans (HPML). CUNA urges the CFPB to amend some of the requirements within these provisions. [2/16/16]
- CFPB Acting Deputy Director Talks About Payday Lending
In an appearance before a House Subcommittee, the Acting Deputy Director reiterated CFPB's concerns regarding payday lending. [2/16/16]
- NCUA President / CEO Expresses Gratitude To CFPB For Clarifying That PAL’s Are Exempt From Proposal
When questioned on Thursday about the impact on Payday Alternative Loans (PAL) from CFPB's new proposal, acting bureau Deputy Direct David Silberman stated that PAL's should be exempt. [2/12/16]
- TRID Rule Confusion and the CFPB’s Non-Fixing Fix
In a post-TRID world, there remained some ambiguity about the percentage tolerance associated with property taxes, homeowner's association dues, condominium fees, etc., that are paid in advance to applicable parties and not into an escrow account. The CFPB has published a correction that apparently does not actually address the issue in an appropriate manner. [2/11/16]
- CUNA Defends Credit Unions Against CFPB’s Broadsword Tactics.
CUNA presents its concerns regarding small-dollar lending and CFPB's "Broadsword approach" that could severely obstruct a credit union in servicing vulnerable members at a hearing with the U.S. House Financial Services Subcommittee. [2/11/16]
